FBM KLCI falls ahead of US interest rate decision

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KUALA LUMPUR (June 13): The FBM KLCI fell 4.45 points or 0.2% to close at 1,784.44 points on profit taking ahead of the closely-watched US interest rate decision this week.

The US Federal Reserve's Federal Open Market Committee will decide on the country's interest rate direction upon conclusion of its two day meeting on Wednesday (June 14). US interest rate decisions are closely watched due to their impact on global fund flow.

In Malaysia today, Areca Capital Sdn Bhd chief executive officer Danny Wong Teck Meng told theedgemarkets.com : “Overall, the Malaysian market is not having a big fluctuation, investors are still waiting for more clarity from global economic (factors) like UK’s Brexit development and US’ Federal Reserve’s widely-anticipated rate hike."

At Bursa Malaysia, investors took profit after the KLCI reached its intraday high at 1,793.01 points.

Bursa Malaysia saw a total of 2.05 billion shares worth RM2.57 billion change hands. There were 349 gainers versus 557 decliners.

Priceworth International Bhd was the most-actively traded counter with 117.35 million shares traded. The stock rose three sen to 27 sen.

Across Asian share markets, Hong Kong's Hang Seng rose 0.56% while South Korea's Kospi gained 0.71%. Japan’s Nikkei 225 declined 0.05%.

Reuters reported that Asian stocks rebounded on Tuesday despite a further slide in US tech shares, while the Canadian dollar soared on the possibility interest rates might go up sooner than expected.